-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AlIWuKZHQg8cTU9yyIqF8Gene6F34ZIROj9JH7VMpc0drhfNnahxsOZjb4zyhe0C vI1y3Hgmfk/mXWtRN6+MbQ== 0000914317-07-001212.txt : 20070501 0000914317-07-001212.hdr.sgml : 20070501 20070501160001 ACCESSION NUMBER: 0000914317-07-001212 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070430 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070501 DATE AS OF CHANGE: 20070501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALISBURY BANCORP INC CENTRAL INDEX KEY: 0001060219 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 061514263 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24751 FILM NUMBER: 07806002 BUSINESS ADDRESS: STREET 1: 5 BISSELL ST CITY: LAKEVILLE STATE: CT ZIP: 06039-1868 BUSINESS PHONE: 8604359801 MAIL ADDRESS: STREET 1: 5 BISSELL ST CITY: LAKEVILLE STATE: CT ZIP: 06039-1868 8-K 1 form8k-84219_sal.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 30, 2007 -------------------- SALISBURY BANCORP, INC. -------------------------------------------------- (Exact name of registrant as specified in charter) Connecticut 000-24751 06-1514263 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 5 Bissell Street, Lakeville, Connecticut 06039-1868 - -------------------------------------------------------------------------------- (Address of principal executive offices) (zip code) Registrant's telephone number, including area code: (860) 435-9801 -------------- - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instructions A.2. below): [_] Written communications pursuant to Rule 425 under the Securities Act (12 C.F.R. 230.425) [_] Soliciting material pursuant to Rule 14a-2 under the Exchange Act (17 C.F.R. 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 C.F.R. 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 C.F.R. 240.13e-4(c)) Form 8-K, Current Report Salisbury Bancorp, Inc. Section 2. Financial Information Item 2.02. Results of Operations and Financial Condition - -------------------------------------------------------------- On April 30, 2007, Salisbury Bancorp, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2007. The press release is attached as Exhibit 99.1 and is incorporated herein by reference. Section 9. Financial Statements and Exhibits Item 9.01. Financial Statements and Exhibits - -------------------------------------------------- (c) Exhibits 99.1 Press Release dated April 30, 2007. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized. Dated: May 1, 2007 SALISBURY BANCORP, INC. By: /s/ John F. Foley ------------------------- John F. Foley CFO & Secretary EX-99.1 2 ex99-1.txt Monday, April 30, 2007 Company Press Release Source: Salisbury Bancorp, Inc. Salisbury Contact: John F. Perotti - Chairman & CEO 860-435-9801 or jp@salisburybank.com -------------------- FOR IMMEDIATE RELEASE SALISBURY BANCORP, INC. ANNOUNCES FIRST QUARTER EARNINGS Lakeville, Connecticut, April 30, 2007/PRNewswire....Salisbury Bancorp, Inc. (the "Company"), (AMEX:SAL) the holding company for Salisbury Bank and Trust Company announced today that net income for the first quarter of 2007 totaled $934,243 which represents earnings per average share outstanding of $.55. This compares to net income of $1,146,922 or $.68 per average share outstanding for the first quarter of 2006. Net loans outstanding at March 31, 2007 totaled $246,052,740. This represents an increase of $27,543,258 or 12.61% when compared to net loans outstanding of $218,509,482 at March 31, 2006. The Bank continues to monitor the quality of the loan portfolio to ensure that loan quality will not be sacrificed for growth or otherwise compromise the Company's objectives. It is important to note that the portfolio does not include any sub-prime loans. Deposits totaled $305,017,112 at March 31, 2007 which represents an increase of $15,335,171 or 5.29% when compared to total deposits of $289,681,941 at March 31, 2006. The Trust and Investment Services division continues to grow in total assets and accounts under management. This increase has produced revenues totaling $530,000 for the first quarter of 2007. This is an increase of $45,000 or 9.3% when compared to revenues of $485,000 for the first quarter of 2006. Overall, as our core business continues to strengthen, we remain confident that the Bank is well positioned to meet its goals and objectives that have been established to enhance long-term shareholder value. We are encouraged by these accomplishments and believe that the results of the first quarter are a solid performance in a very challenging interest rate environment. -3- Quarter Ended March 31, 2007 2006 (unaudited) Total interest and dividend income $6,437,016 $5,460,218 Total interest expense 3,070,603 2,166,532 Net interest and dividend income 3,366,413 3,293,686 Trust/Investment services income 530,000 485,000 Gains on sales of available-for-sale securities, net 117,064 74,367 Other noninterest income 477,327 466,454 Other noninterest expense 3,319,467 2,837,368 Income before income taxes 1,171,337 1,482,139 Income tax expense 237,094 335,217 Net income $ 934,243 $1,146,922 Earnings per average outstanding share $ .55 $ .68 Previously, the Directors of Salisbury Bancorp, Inc. declared a first quarter dividend of $.27 per common share outstanding. This compares to a $.26 per share cash dividend that was declared during the first quarter of 2006. The $.27 per share dividend is payable on April 30, 2007 to shareholders of record as of March 30, 2007. Salisbury Bancorp, Inc.'s sole subsidiary, Salisbury Bank and Trust Company, is a Connecticut chartered commercial bank. The Company has assets in excess of $430 million and capital in excess of $44 million and serves the communities of northwestern Connecticut and proximate communities in New York and Massachusetts which it has done for approximately 150 years. Salisbury Bank and Trust Company is headquartered in Lakeville, Connecticut and operates full service branches in Canaan, Salisbury and Sharon as well as Lakeville, Connecticut and South Egremont and Sheffield, Massachusetts. The Bank offers a full complement of consumer and business banking products and services as well as trust and investment services. Statements contained in this news release contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management as well as the assumptions made using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions, including among others: changes in market interest rates and general and regional economic conditions; changes in government regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios and other factors that may be described in the Company's quarterly reports on Form 10-Q and its annual report on Form 10-K, each filed with the Securities and Exchange Commission, which are available at the Securities and Exchange Commission's internet website (www.sec.gov) and to which reference is hereby made. Therefore, actual future results may differ significantly from results discussed in the forward looking statements. -4- -----END PRIVACY-ENHANCED MESSAGE-----